Chicago Chabad house to be auctioned

(JTA) — A Lubavitch Chabad House in Chicago is going on the auction block.

The foreclosed building on North Dearborn Avenue will be auctioned off Wednesday, according to the Chicago Tribune.

Seven years ago, Chabad sought to build a state-of-the-art center at Chestnut and Clark streets, on Chicago’s so-called "Gold Coast," and used its building on North Dearborn as collateral to the bank on the $4.9 million loan.

Following the economic downturn, donations for Chabad took a hit, the bank changed its rules and the organization was unable to finance its loan on the new property.

The Chabad House has served as a residence, classroom and a place to stop for Jewish travelers on visits to Chicago.